[Australia] Millions set to receive huge pay rise after historic election win

Millions of Australians are on course to receive a huge pay rise after Anthony Albanese’s historic election win on May 21, Mail Online reports.

Mr Albanese will be sworn in as Australia’s 31st prime minister next week; he is only the fourth person to lead Labor into government from the opposition since World War II.

The change in government will come as good news for Australians struggling with the soaring cost of living. During his campaign, the ALP leader promised to boost wages if elected.

Earlier this month, Mr Albanese reportedly backed a 5.1 per cent hike in the minimum wage in order to keep up with rising inflation.

He told reporters in Melbourne last week, “You should be able to pay your rent, to buy food, to get by, and the Fair Work Commission should bear that in mind in the decision that they make. 

“Labor has a plan to lift wages and that is what we will do.”

As part of the annual review of minimum wage, the Fair Work Commission must also review national award minimum wages; it often links the two.

In 2021, for example, the commission applied the minimum wage percentage to all other award wages.

There are about 180,000 workers in Australia on the minimum wage and another 2.6 million workers across 121 awards who are directly covered by minimum wage adjustments.

Scott Morrison’s former government claimed that under Mr Albanese’s 5.1 per cent wage push, a full-time wide-body airline pilot’s wage of $190,472 would increase by another $9714.

The pledge followed a submission from the Australian Council of Trade Unions to the Fair Work Commission backing a rise in the minimum wage of 5.5 per cent.

However, economists have warned that if wages increase significantly, interest rates will also have to increase to stop inflation.

The CBA’s Head of Australian Economics said, “In short, wages growth of 5.1 per cent all else being equal means higher interest rates than otherwise and the pain lands on those with a mortgage.”

Millions of Australians are poised to get a pay rise after the ALP leader pledged to boost the minimum wage by 5.1 per cent

The ACTU wants an increase in the minimum wage from $20.33 to $21.45 an hour, or $42,384.84 a year.

Mr Albanese said it was important that wages did not go backwards.

“We have a government that have low wage growth as a key feature of their economic architecture. They’ve said that.”

Addressing a crowd of nearly a thousand of the party faithful at Labor’s election night event in Sydney’s inner-west, Mr Albanese reportedly said he was humbled by the victory.

“No matter how you voted … the government I lead will respect every one of you every day.

“We can have an even better future if we seize the opportunities that are right there in front of us.”

Mr Albanese (59) said the election win was a significant achievement and vowed to get to work immediately.

“Friends, we have made history tonight, and (on Sunday), together, we begin the work of building a better future, for all Australians,” he said.

The Labor leader vowed to implement the Uluru Statement from the Heart, along with establishing a national anti-corruption commission.

Mr Albanese is expected to be sworn in today, along with senior members of his cabinet, before heading to Tokyo for the Quad meeting with the leaders of Japan, the US and India.

Scott Morrison will remain in parliament, having retained his Sydney seat of Cook, but will step down as leader at the next Liberal party room meeting.

The coalition is projected to hold 59 seats, with as many as 15 crossbenchers including four Greens MPs, according to election analyst William Bowe.

However, as vote counting continued the Australian Electoral Commission officially listed Labor as holding 75 seats, the coalition 51, with 12 crossbenchers and the remaining undecided.

There is still the prospect Labor could fall short of a majority, meaning it would need crossbench support to govern as it did between 2010 and 2013.

Source: Mail Online

(Quotes via original reporting)

Millions of Australians are on course to receive a huge pay rise after Anthony Albanese’s historic election win on May 21, Mail Online reports.

Mr Albanese will be sworn in as Australia’s 31st prime minister next week; he is only the fourth person to lead Labor into government from the opposition since World War II.

The change in government will come as good news for Australians struggling with the soaring cost of living. During his campaign, the ALP leader promised to boost wages if elected.

Earlier this month, Mr Albanese reportedly backed a 5.1 per cent hike in the minimum wage in order to keep up with rising inflation.

He told reporters in Melbourne last week, “You should be able to pay your rent, to buy food, to get by, and the Fair Work Commission should bear that in mind in the decision that they make. 

“Labor has a plan to lift wages and that is what we will do.”

As part of the annual review of minimum wage, the Fair Work Commission must also review national award minimum wages; it often links the two.

In 2021, for example, the commission applied the minimum wage percentage to all other award wages.

There are about 180,000 workers in Australia on the minimum wage and another 2.6 million workers across 121 awards who are directly covered by minimum wage adjustments.

Scott Morrison’s former government claimed that under Mr Albanese’s 5.1 per cent wage push, a full-time wide-body airline pilot’s wage of $190,472 would increase by another $9714.

The pledge followed a submission from the Australian Council of Trade Unions to the Fair Work Commission backing a rise in the minimum wage of 5.5 per cent.

However, economists have warned that if wages increase significantly, interest rates will also have to increase to stop inflation.

The CBA’s Head of Australian Economics said, “In short, wages growth of 5.1 per cent all else being equal means higher interest rates than otherwise and the pain lands on those with a mortgage.”

Millions of Australians are poised to get a pay rise after the ALP leader pledged to boost the minimum wage by 5.1 per cent

The ACTU wants an increase in the minimum wage from $20.33 to $21.45 an hour, or $42,384.84 a year.

Mr Albanese said it was important that wages did not go backwards.

“We have a government that have low wage growth as a key feature of their economic architecture. They’ve said that.”

Addressing a crowd of nearly a thousand of the party faithful at Labor’s election night event in Sydney’s inner-west, Mr Albanese reportedly said he was humbled by the victory.

“No matter how you voted … the government I lead will respect every one of you every day.

“We can have an even better future if we seize the opportunities that are right there in front of us.”

Mr Albanese (59) said the election win was a significant achievement and vowed to get to work immediately.

“Friends, we have made history tonight, and (on Sunday), together, we begin the work of building a better future, for all Australians,” he said.

The Labor leader vowed to implement the Uluru Statement from the Heart, along with establishing a national anti-corruption commission.

Mr Albanese is expected to be sworn in today, along with senior members of his cabinet, before heading to Tokyo for the Quad meeting with the leaders of Japan, the US and India.

Scott Morrison will remain in parliament, having retained his Sydney seat of Cook, but will step down as leader at the next Liberal party room meeting.

The coalition is projected to hold 59 seats, with as many as 15 crossbenchers including four Greens MPs, according to election analyst William Bowe.

However, as vote counting continued the Australian Electoral Commission officially listed Labor as holding 75 seats, the coalition 51, with 12 crossbenchers and the remaining undecided.

There is still the prospect Labor could fall short of a majority, meaning it would need crossbench support to govern as it did between 2010 and 2013.

Source: Mail Online

(Quotes via original reporting)